UAE food and beverages company Agthia Group posted a 34.9% plunge in profit to 137.03 million dirhams ($37.3 million) in 2019 from 210.5 million dirhams in 2018.
The company’s preliminary earnings released on Sunday (Feb 9) pointed to the withdrawal of its remaining bakery channel subsidy, de-growth in bottled water in UAE, and bad debt provisioning against longer collection days in international markets, as attributing factors.
The company behind Al Ain Water, Al Bayan, and Grand Mills earned a 2% increase in net revenues to 2.04 billion dirhams.
Continue reading
Free, in under 30 seconds
Join thousands of professionals reading Salaam Gateway — the Global Islamic Economy Gateway.
Joined by 12,000+ Islamic economy professionals
Create a free account
Already a member? Sign in
- 5 free articles every month
- Weekly Islamic-economy newsletter
- Save articles to read later
